U.S. District Judge Raymond Dearie ruled last Tuesday that the country’s securities laws can be used in prosecuting cryoto fraud allegations.

The New York federal judge made the decision in a case against Brooklyn resident Maksim Zaslavskiy who was accused of defrauding investors in two digital currencies supposedly backed by diamonds and real estate. Dearie said that the laws should be interpreted “flexibly”, and dismissed the motion of the defendant to have the charges dropped on the grounds that the Securities Exchange Act does not cover cryptocurrencies.

Source: Coin Telegraph

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